Webcast: Revenue Recognition: Mastering the New FASB Requirements (WBINRR316)
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12/27/2016
When: 12/27/2016
8:00 AM until 4:00 PM
Where: Webcast
AICPA
1148698:7F97E58C7DC79CE9E72E9BC370DE3E33
United States
Presenter: Joann Cross, Ph.D., CPA, CMA, CGFM


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Acronym WBINRR316
CPE 8 hours
Vendor AICPA
Category
Accounting & Auditing
Level Intermediate
Yellow Book No
Prerequisite Experience in the application of accounting standards
Who should attend Accountants in public practice and industry who need an update on the latest revenue recognition guidance
Members $249
CPA Non-Members $319

The Member rate applies to LCPA members, reciprocal state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Description

The effective date of the new accounting standard for revenue recognition is fast approaching! With the issuance of FASB ASU No. 2014-09, Revenue from Contracts with Customers, FASB has completed a convergence project with the IASB to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and IFRS.

For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. This course will provide you with an in-depth understanding of the framework for revenue recognition built around the core principle that is applied in a five step process. In addition, understanding the changes and new requirements is critical for successful implementation of this new standard. Supported by practical examples, this course will assist you in avoiding revenue recognition traps and provide you with latest FASB guidance. In addition, you will understand how the new guidance impacts certain industries as a result of new criteria for recognizing revenue and changes in disclosure requirements.

Objectives

When you complete this course you will be able to:

  • Recognize new revenue recognition principles.
  • Identify appropriate revenue recognition decisions.
  • Identify steps to take today to be prepared for future implementation.

Topics

  • Background, purpose, and main provisions of new standard
  • Transition guidance
  • 5-step process for recognizing revenue
  • Disclosure requirements
  • Implementation guidance – contracts, tax matters, internal controls, IT